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Strategies & Market Trends : Trading the SPOOs with Patrick Slevin! -- Ignore unavailable to you. Want to Upgrade?

To: Esteban who wrote (5890)	7/17/2000 1:43:14 PM
From: SE	Read Replies (1) \| Respond to of 7434

From my trip to the floor and observations made while there, I seriously doubt that the open outcry pit trading method will ever be able to produce continuously updating solid b/a information. It simply would not be possible to give real time b/a numbers and sizes. There isn't a specialist or even an electronic accumulation of the data, instead there are a hundred guys all waving at each other like OJ does. If you get a chance, you should go to the CME and watch the pit action for a day....it is amazing. Wonderful experience. -Scott

To: Esteban who wrote (5890)	7/17/2000 1:55:53 PM
From: Patrick Slevin	Read Replies (1) \| Respond to of 7434

Scott pretty much has the concept. If you look at the pit it would not surprise me to notice that a contract is offered on one side for less than the bid on a contract on the other side. I took a seminar with George Angell once; he said an order hit the floor with a one tick stop while he was there. The brokers laughed, and actually filled his stop before they filled his order. It's as close to the Old West as you might care to get. I don't see how the reporters could possibly keep up with the b/a info. By the time they type it into a machine it would have changed a dozen times.